Cable: The City is a massive cesspit [the independent]


The Government was under growing pressure last night to call a public inquiry into the behaviour of Britain’s bankers as the Business Secretary, Vince Cable, admitted the sector was a “massive cesspit” that needed cleaning up.

Even business leaders turned on the City and demanded a cull at the top of British banks, with some investors at Barclays agitating for a management change after its £290m fine for trying to fix Libor, the rate banks charge to borrow from each other.

The Bank of England Governor, Sir Mervyn King, launched a scathing attack on the banking industry and demanded a “real change in culture”.

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